Arkansas IRS Attorneys
Committed to Protecting the Rights of Taxpayers in Arkansas Who Have Offshore Accounts and Assets
The experienced Arkansas IRS attorneys at Thorn Law Group offer superior legal services to taxpayers with offshore accounts. If you are an individual or business and have foreign-held assets, our firm can help you disclose your investments and income, and ultimately, reducing your risk of sustaining IRS fines and criminal penalties. We have helped hundreds of taxpayers, from high net worth individuals to small business owners, save millions of dollars in tax-related fees and will help you do the same. Turn to Thorn Law Group for assistance with complex tax matters related to Foreign Bank Account Reporting (FBAR), the Foreign Account Tax Compliance Act (FATCA), the Offshore Voluntary Disclosure Program (OVDP), IRS and DOJ criminal investigations, voluntary disclosure and more.
Is the Offshore Voluntary Disclosure Program Right for Me?
Do you file taxes in Arkansas and also have investments held in accounts overseas? If so, you must file a Report of Foreign Bank and Financial Accounts (FBAR) if the aggregate total of your accounts exceeds $10,000 at any point in a calendar year. It doesn’t matter if one account reached a high value of $3,000 while another reached a high of $9,000. If their combined value reaches $10,000, then those accounts must be reported or the taxpayer risks incurring severe IRS penalties, such as expensive fines, civil charges and even imprisonment.
Yet, because offshore reporting regulations are wrought with complex details, it can be easy for taxpayers to make an honest mistake when disclosing their account history or to even unwittingly omit key information from their report. For these reasons, IRS created the Offshore Voluntary Disclosure Program (OVDP) – a program aimed at encouraging taxpayers to willingly disclose foreign accounts prior to having them fall under IRS investigation and in exchange for reduced penalties.
That being said, not every taxpayer is a viable candidate for the OVDP. The program is limited to taxpayers who have “non-willfully” failed to report offshore bank accounts and who are not already under investigation by the IRS – along with several other criteria. Because disclosing foreign accounts can be a confusing, delicate and lengthy process, it is vital for Arkansas taxpayers to consult with an experienced tax attorney for guidance.
Offering Experienced Legal Services for Foreign Account Holders
At Thorn Law Group, we are committed to helping taxpayers disclose foreign accounts and avoid severe IRS penalties. Led by Managing Partner Kevin E. Thorn, a former attorney for the IRS, our firm performs a thorough analysis of each client’s tax and foreign account history to determine whether the OVDP or another option is the best course of action.
Speak with an Arkansas IRS lawyer at Thorn Law Group for assistance with voluntary disclosure and other offshore account matters, such as:
- Foreign Account Tax Compliance Act (FATCA)
- Foreign Bank Account Reporting (FBAR)
- International Tax Controversies and Disputes
- IRS and DOJ Investigations and Litigation
- Offshore Voluntary Disclosure
- Undisclosed Foreign Accounts
Lower Your Risk of Serious IRS Penalties With the Help of an Experienced Arkansas IRS Attorney
If you have questions about the OVDP, additional foreign account disclosure options or help with contesting IRS charges, turn to Thorn Law Group. Contact Managing Partner Kevin E. Thorn today to schedule a confidential consultation.